5% Savings Loophole

Plus

In view of the loss of Tesco DDs (in 6 months), has anyone drawn up a list of exactly what DDs are needed for each current account? Something like:

X bank: 2 DDs of at least £10 must be debited every calendar month, lack of DDs means 0% interest + £Y monthly fee
Z bank: 4 DDs registered, no debits required, lack of DDs means closure of linked regular saver

It would probably take a lot of wading through T&C to come up with the full list.

badger09

Plus wrote: »

In view of the loss of Tesco DDs (in 6 months), has anyone drawn up a list of exactly what DDs are needed for each current account? Something like:

X bank: 2 DDs of at least £10 must be debited every calendar month, lack of DDs means 0% interest + £Y monthly fee
Z bank: 4 DDs registered, no debits required, lack of DDs means closure of linked regular saver

It would probably take a lot of wading through T&C to come up with the full list.

Yes. I have drawn up such a list in relation to my accounts.

Another poster has posted such a list, however the list is flawed. For example some accounts opened before a certain date have no requirement at all, whereas more recent accounts do.

There really is no substitute for knowing the T&Cs which apply to your accounts.

Bo&aro

So, my partner & I are starting to open multiple accounts to take advantage of the higher interest rates on credit balances as well as some of the rewards.

We’ve opened 3 TSB plus accounts and plan to open multiple Tesco accounts but I’m struggling with the DD side of things. Most say regular DD, so does my council tax count that’s paid over 10 months. Will the two months I’m not paying mean we’ll forfeit our interest? This will be the same for say, water & Sewerage.

I’ve seen mentioned setting up DD Paypal but I don’t see how you can do that. Any help much appreciated.

sjp999

Does your council allow you to pay over 12 monthly DD'S?

My Water outfit recently started monthly payments rather than the previous six monthly bills, worth checking with yours perhaps.

Rosie1980

Finding DD is much harder than it used to be. There are some ideas at the beginning of the thread. Water and sewerage should let you do monthly DD, and yes you will have to forfeit two months interest with the council tax. Paypal is trickier than it once was, you link your bank account to your Paypal account and do the same for your partner. You then make payments to each other selecting to use the bank account you want to DD from and this will trigger Paypal to do a DD. You have to do this manually every month though.

If you are on Giffgaff you can set that up to renew your goodybag with Paypal which will automatically DD every month from your chosen account.

Another option is to have a few credit cards on the go, one for fuel, one for food etc and then have each DD from different accounts but you have to be on top of this as it's different amounts every month.

Katiehound

Your council tax can be paid in 12 installments-that facility was brought in a few years ago. By default councils seem to stick to the 10 payments!
Now would be a good time to notify your council as they will be setting up payments for the new financial year.

Water should also be available as 12 payments
other household bills monthly- telephony, gas/leccy, Sky

Monthly savings a/cs if available:- Saga telephone (been a nightmare!) BM savings, PO, your local credit union

Park Christmas club (not covered by FC-but mine is £1.50pm)

Soulsaver 'advertised' a local charity lottery- money to a cardiac unit- £1 pm (https://forums.moneysavingexpert.com/discussion/comment/73731894#Comment_73731894 post #6)

There are quite a few charities advertising £2 monthly DD

Bo&aro

sjp999 wrote: »

Does your council allow you to pay over 12 monthly DD'S?

My Water outfit recently started monthly payments rather than the previous six monthly bills, worth checking with yours perhaps.

Rosie1980 wrote: »

Finding DD is much harder than it used to be. There are some ideas at the beginning of the thread. Water and sewerage should let you do monthly DD, and yes you will have to forfeit two months interest with the council tax. Paypal is trickier than it once was, you link your bank account to your Paypal account and do the same for your partner. You then make payments to each other selecting to use the bank account you want to DD from and this will trigger Paypal to do a DD. You have to do this manually every month though.

If you are on Giffgaff you can set that up to renew your goodybag with Paypal which will automatically DD every month from your chosen account.

Another option is to have a few credit cards on the go, one for fuel, one for food etc and then have each DD from different accounts but you have to be on top of this as it's different amounts every month.

Katiehound wrote: »

Your council tax can be paid in 12 installments-that facility was brought in a few years ago. By default councils seem to stick to the 10 payments!
Now would be a good time to notify your council as they will be setting up payments for the new financial year.

Water should also be available as 12 payments
other household bills monthly- telephony, gas/leccy, Sky

Monthly savings a/cs if available:- Saga telephone (been a nightmare!) BM savings, PO, your local credit union

Park Christmas club (not covered by FC-but mine is £1.50pm)

Soulsaver 'advertised' a local charity lottery- money to a cardiac unit- £1 pm (https://forums.moneysavingexpert.com/discussion/comment/73731894#Comment_73731894 post #6)

There are quite a few charities advertising £2 monthly DD

All of these are great thank you!

iris

Katiehound wrote: »

Your council tax can be paid in 12 installments-that facility was brought in a few years ago. By default councils seem to stick to the 10 payments!
Now would be a good time to notify your council as they will be setting up payments for the new financial year.

Water should also be available as 12 payments
other household bills monthly- telephony, gas/leccy, Sky

Monthly savings a/cs if available:- Saga telephone (been a nightmare!) BM savings, PO, your local credit union

Park Christmas club (not covered by FC-but mine is £1.50pm)

Soulsaver 'advertised' a local charity lottery- money to a cardiac unit- £1 pm ([url][/url]https://forums.moneysavingexpert.com/discussion/comment/73731894#Comment_73731894 post #6)

There are quite a few charities advertising £2 monthly DD

Isn't this per week?